Build your dream home with just 5% upfront*

A construction loan is designed for financing the construction of a brand new home. It is set up to finance the progressive payments to a builder at key milestones completed for the new home build, i.e. slab stage, frame stage, brickwork stage, lockup stage, etc.

When purchasing an established home, a borrower would secure finance using a standard home loan to complete the total purchase amount in one single transaction.

Building a new home requires a construction loan to progressively pay the stages of construction. The home builder invoices for completed stages of the build, with these funds being paid from the construction loan. Once construction is completed, the construction loan (and possible land loan) is converted into one standard home loan.

Progress payments are what the builder receives, based on the percentage of construction work that’s been completed. The bank will draw these funds from the construction loan to pay the builder on the customer’s behalf. It’s here that the customer starts paying loan interest repayments on the construction loan.

The Get Started offer is available to customers looking to build a brand new home, with participating builders from the NEX Building Group.

This simple and transparent offer can help you get your new home into construction whilst you save money:

1. Pay a 5% deposit upfront
2. Enjoy zero $0 progress payments during construction
3. Pay the remaining balance required upon completion

Bypassing construction finance challenges like interest payments and bank fees is what makes this offer a gamechanger.

And with absolutely no surprises or hidden catches, this will help customers keep more money in their bank account longer, whilst the builder covers the financial commitment during construction.

It’s just a genuine, worry-free way to save money and build your dream home with total confidence.

Unlike other home builder offers available that come with hidden catches, this program is 100% transparent:

• NO accrued interest is added to your contract
• NO progress payments mean you pay nothing during the build
• NO surprises: Just a simple 5% upfront, with the balance paid only on completion

While some industry offers carry a ‘catch’, such as hidden fees and charges, this offer does not. Right now, the reality is there is no offer like it available to customers looking to build their new home, and it won’t last forever.

This unique offer is exclusively available to builders who are part of the NEX Building Group. If you’re looking to build in Queensland, New South Wales, ACT, Victoria, South Australia or Tasmania, you may be eligible to get started with just 5%.

Each of the participating builders have a Customer Enquiry Form on their website that must be completed. By visiting the relevant builder in your area, you’ll find a quick and easy online form to complete and submit. More information plus the full list of terms and conditions are also available on the Customer Enquiry Form page.

Your home loan specialist will advise if you require mortgage insurance and will explain the costs involved. We may be able to assist by structuring your loan to avoid or minimise the need for mortgage insurance.

MyChoice Home Loans are construction loan specialists, with a team of qualified Mortgage Brokers located across Australia, working directly with customers, banks and NEX Building Group builders every day. Because MyChoice Home Loans is proudly part of the NEX Building Group, our construction loan finance process is incredibly streamlined. Our experts understand construction building timelines, the processes, and exactly what’s required to keep a new home on track financially at each milestone.

We work with over 35 lenders nationwide; from the major banks to second tier lenders, Mortgage Managers, regional building societies, and more. Our Mortgage Brokers always recommend engaging financial institutions that are experienced in writing construction loans, which are very different to arranging a loan used for buying an established home.